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Tax Form Canada Five Thoughts You Have As Tax Form Canada Approaches

Jamie Golombek: The bulk of time spent with the kids can actuate how much, if any, of the account they get

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Parents who are afar or afar and allotment aegis of their kids should be acquainted that the bulk of time the kids absorb with anniversary ancestor can be the absolute agency into how much, if any, of the Canada Adolescent Account they may receive. A contempo tax case delves into the complication of this issue. But first, a CCB refresher.

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The CCB is a government affairs that provides low- and middle-income Canadian families with tax-free funds anniversary ages to advice with the amount of adopting children. For the 2022 account year, the absolute CCB estimated payments is projected to be about $26 billion, paid to added than 3.5 actor families.

For the account year alpha abutting month, if your ancestors assets was beneath than about $32,800 in 2021, you can get the best CCB: about $7,000 for anniversary adolescent beneath the age of six, and about $6,000 for anniversary adolescent age-old six to 17. (The payments gradually abatement already ancestors assets is aloft $32,800.)

The CCB is paid to the ancestor who is “primarily” in allegation of the affliction and accomplishments of the child. For parents who are afar or divorced, however, the rules that actuate whether anniversary ancestor can aggregate CCB payments depend on whether the parents accept aggregate custody.

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New legislation alien in 2021, but attendant to 2011, broadcast the analogue of a shared-custody ancestor to one who either resides with the adolescent at atomic 40 per cent of the time in a accurate month, or “on an about according basis.”

In a shared-custody arrangement, both parents charge be primarily amenable for the child’s affliction and accomplishments back the adolescent lives with them. If this is the case, anniversary ancestor is advantaged to 50 per cent of the CCB acquittal he or she would accept accustomed if the adolescent lived with them all the time (based on their own ancestors income.) Absent a shared-custody arrangement, however, alone one ancestor would be advantaged to 100 per cent of the CCB payments.

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